4707.262
Determining whether recovery should be from real estate or auction recovery fund.

A person who has sustained actual and direct losses in the
course of a real estate auction transaction and who believes that they may
qualify to seek recovery for the losses from the real estate recovery fund in
accordance with section
4735.12 of the Revised Code or
from the auction recovery fund shall apply to a court of competent jurisdiction
for a determination of the fund from which the person should seek recovery if
either or both of the following apply:

(A)
The transaction involves both of the following:

(1)
A violation of Chapter 4735. of the
Revised Code;

(2)
A violation of
this chapter or rules adopted under it or conduct that is described in section
4707.15 of the Revised Code.

(B)
The person is
unclear as to the fund from which recovery should be sought. Upon receipt of an
application under this section, the court shall determine whether it appears
that conduct or a violation described in division (A) of this section occurred
and also shall determine, in its discretion, the appropriate fund from which
the person should seek recovery and notify the person of the determination. In
the event that the court determines the person is able to recover from both the
real estate recovery fund and the auction recovery fund, the total aggregate
amount that is paid to the person from both the funds shall not exceed the
actual and direct losses sustained by the person. In addition, the total
aggregate amount that is paid to the person from both the funds shall not
exceed the dollar limitations established in section
4707.29 of the Revised Code, and
the portion of that total aggregate amount that is paid from the real estate
recovery fund shall not exceed the dollar limitations established in division
(D) of section
4735.12 of the Revised Code. For
purposes of division (B)(4)(d) of section
4735.12 of the Revised Code, with
respect to recovery from the real estate recovery fund, a person shall not be
required first to seek recovery from the auction recovery fund in order to be
considered to have diligently pursued the person's remedies.